Aberdeen Asset Management said it has completed a merger with Standard Life Aberdeen.
The company said in a statement that:
“The merger of Aberdeen Asset Management PLC and Standard Life plc has completed today to form Standard Life Aberdeen plc”
See the merger statement below:
Further to the announcement by Standard Life and Aberdeen on 6 March 2017 relating to the recommended all-share merger of Standard Life and Aberdeen (the “Merger”), to be implemented by way of court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the “Scheme”), Standard Life Aberdeen is pleased to announce that the Scheme has become effective in accordance with its terms, following the sanction of the Scheme by the Court of Session in Scotland on 11 August 2017 and the delivery of the court order to the Registrar of Companies earlier today.
The entire issued ordinary share capital of Aberdeen is now owned by Standard Life Aberdeen. Standard Life was renamed Standard Life Aberdeen plc immediately following the Scheme becoming effective. Holders of ordinary shares of 10 pence each in the capital of Aberdeen (“Aberdeen Shares”) on the register at the Scheme record time, being 6.00 p.m. on 11 August 2017, will receive 0.757 of an ordinary share of 12 2/9 pence each in the capital of Standard Life Aberdeen (“New Shares”) in exchange for each Aberdeen Share. As a result, 997,661,231 New Shares will be listed on the Premium Listing segment of the Official List of the UK Listing Authority and will be admitted to trading on the London Stock Exchange’s main market at 8.00 a.m. today. The Standard Life Aberdeen ticker will be changed from SL to SLA with effect from 8:00 a.m. today. Keith Skeoch, co-Chief Executive of Standard Life Aberdeen commented: “Today marks the culmination of many months of hard work and preparation by our business and the beginning of a new chapter in our history as Standard Life Aberdeen plc. Our leadership team is in place and we have full business readiness from day one.
Our people have worked exceptionally well together to complete the merger on schedule and we would like to thank them for this. The co-operation and collaboration we have witnessed bodes well in helping us create a world-class investment company for our clients, shareholders and people.” Martin Gilbert, co-Chief Executive of Standard Life Aberdeen commented: 2 “As ever our priority remains the delivery of strong investment performance and the highest level of client service.
The merger deepens and broadens our investment capabilities and gives us a stronger and more diverse range of investment management skills as well as significant scale across asset classes and geographies. We believe this will enable us to deliver an even better proposition and service to our enlarged client base.” Defined terms not otherwise defined in this announcement shall have the meaning given to them in the prospectus published in connection with the Merger on 9 May 2017. Following the admission to trading of the New Shares, the Company’s issued share capital will consist of 2,977,229,231 ordinary shares with each share carrying the right to one vote. The Company holds no ordinary shares in treasury.
The total number of voting rights in the Company will therefore be 2,977,229,231. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest, in the Company under the FCA’s Disclosure Guidance and Transparency Rules.